- Investigate scholarships and financial aid opportunities
- Consider hosting a fundraising event
- Work as a freelancer from overseas
- Use a currency broker like OFX to save on tuition payments and living expenses abroad
Seek Out Scholarships and Other Forms of Financial Aid
Study abroad scholarships are available to individuals who want to attend a university in another country, and there are several sources for this helpful funding, so it’s worth applying to as many as you can.
Your university’s study abroad office or the study abroad program itself might have some scholarships available, so check in with them as a first place to start.
A few of the many scholarships that could help with paying for study abroad include:
- Council on International Educational Exchange Scholarship
- Council of American Overseas Research Centers Scholarship
- Academic Programs International Scholarships
- Benjamin A. Gilman International Scholarship Program
- Institute for Study Abroad Scholarships
- Boren Awards for International Study Scholarships
There are literally thousands of scholarships available, so read through the requirements for each to see if you qualify. Some, for example, may only be open to students enrolled in universities in a specific country, while others might only be available to students who are working towards getting a degree in a particular field. Still others might be merit based or destination based.
Another thing to keep in mind is whether or not a scholarship will fund an entire year of study or just a semester. When calculating the costs of studying abroad, you will need to consider that a scholarship might only be able to help cut the costs temporarily.
Other forms of financial aid, such as grants that can come from your school or the government, could also help to reduce the costs of your study abroad program. You can talk to the financial aid office at your university or perform an internet search to find information on various grants that are currently available to you.
Try Out Different Fundraising Methods
When scholarships and other financial aid are not available, you can get creative and host fundraising events in order to raise the funds yourself.
The great thing about fundraising is that there are a lot of different ways to go about doing it. A few ways that you can fundraise include:
- Host a fundraising party, much like a benefit event or going away party, to raise money in an entertaining way.
- Ask your friends and family to contribute money, airline miles, supplies, and anything else that can help reduce the costs of getting to your destination and settling in.
- Set up a crowdfunding campaign online and share the link via social media.
- Go through your belongings and sell any items that you no longer need by putting them up for sale online or hosting a yard sale.
- Sell your own creations or services, such as arts and crafts, online to the public.
- Teach a class in an area that you’re skilled in, such as painting or music, and charge a fee to students who attend.
Work From Remote
Working a part-time job while going to school can help you get the money you need to pay your way through the program of your choice. It can be difficult, however, to find employment abroad, especially if you aren’t fluent in the local language or you don’t yet have a solid network there.
An alternative to finding employment in person is to find employment online. For example, you can start searching for work as a freelancer in a field that you are skilled in, whether that’s graphic design, web design, writing and editing, or even accounting. With a few steady clients, you can work from remote, no matter where you are in the world, and make the money you need to make ends meet. The money you earn could help pay for daily expenses, like food and entertainment, as well as education related expenses like school fees, supplies, and books.
Enrol in Affordable Schools and Pay Your Fees with OFX
There are myriad locations around the globe where you can study abroad affordably. Some countries in Europe, for example, offer tuition-free education while only charging students low fees each semester. And many countries also offer a lower cost of living, so you can make your savings stretch further there than you would at home. Focusing on the top universities in more affordable areas will help reduce the stress that inevitably comes with funding your study abroad aspirations.
Another way to save money is by using an online transfer service like OFX when you are ready to pay your tuition, fees, and other expenses, such as rent. All transfers are rapid and secure, and you will be able to avoid the high margins and fees that banks would charge for the same transfers.
To discover more about attending school overseas on the undergraduate and graduate levels, check out our guide to studying abroad.
IMPORTANT: The contents of this blog do not constitute financial advice and are provided for general information purposes only without taking into account the investment objectives, financial situation and particular needs of any particular person. OzForex Limited (trading as OFX) and its affiliated entities make no recommendation as to the merits of any financial strategy or product referred to in the blog. OFX makes no warranty, express or implied, concerning the suitability, completeness, quality or exactness of the information and models provided in this blog.